The two state organs established a joint working team in April 2008 which audited the JV's business operations and activities for 2005-2007 period. Their complete report showed that Vietsovpetro had operated effectively and had enormous influence not only in Vietnam but also in other regional countries.

In the review period, Vietsovpetro earned total revenue of more than US$14 billion, with profits reaching more than US$4 billion. Net profit was US$2.216 billion on the Vietnamese side and US$2.289 billion for the Russian side.

Both audit agencies praised the hard work of the entire team and agreed on the contents of the report which was signed by Vietnamese Chief State Auditor Vuong Dinh Hue and Russian Audit Chamber Chairman Sergey Stepashin.

Both sides expressed the desire to continue to increase comprehensive cooperation in the field of auditing, promote the exchange of high-level delegations and share experiences in auditing among units under the two bodies.

On the occasion, Mr Stephashin voiced his support for Vietnam’s bid to host the Asian Organisation of Supreme Audit Institutions (ASOSAI) congress by 2012.